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FIEO hails export-supporting changes to GST

Gupta welcomes e-wallet

Gupta greets Commerce and Industry Minister Suresh Prabhu.

The Federation of Indian Export Organizations (FIEO) said changes announced by the Government to the Goods and Services Tax (GST)  will address the problem of the exporters particularly micro & small segments.

FIEO president Ganesh Kumar Gupta said the refund of GST for the month of July by 10th October and August by 18th October will address the liquidity concerns of the exporters.

He also welcomed the decision to introduce e-wallet, mooted by FIEO, at the introduction of the GST which will provide a permanent solution to the liquidity problem of the export sector.

During the interim period, Government will provide exemption on inputs required for export production through advance authorization schemes.

The Government has also resolved the problem of merchant exporters by putting a duty of 0.1% on any supply from manufacturing to merchant.

“These are very pragmatic decisions,” said Gupta.

This shows the flexible approach of the Government which will ameliorate the problem of export sector and will impart much needed competitiveness to exports. fii-news.com

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